ᐅ Existing Property – Surveyor, Financing, Negotiation...
Created on: 28 Jun 2016 09:29
H
Henrik0817123
Hello everyone,
we have found an interesting house that seems to fit based on the pictures and an initial viewing from outside (which is already a big step for us 🙂 – what are the general next steps in this process?
Our next step is to schedule a viewing appointment. If we like it, I see the following open points:
- Building inspector / surveyor (I’m not sure how this works or how agents usually feel about it)
- Sorting out financing
- Buying / negotiating
I find it difficult to hand everything over to the bank right after a viewing, because that part usually takes the longest. Should I already arrange for a building inspection while the financing is still in progress, or only after the bank’s approval? And ideally, you want to negotiate as well, since the asking price is usually higher than the final selling price.
If you are unlucky and do all the inspections, someone else might buy the house first…
What is the best way to proceed in this situation?
Regards,
Henrik
we have found an interesting house that seems to fit based on the pictures and an initial viewing from outside (which is already a big step for us 🙂 – what are the general next steps in this process?
Our next step is to schedule a viewing appointment. If we like it, I see the following open points:
- Building inspector / surveyor (I’m not sure how this works or how agents usually feel about it)
- Sorting out financing
- Buying / negotiating
I find it difficult to hand everything over to the bank right after a viewing, because that part usually takes the longest. Should I already arrange for a building inspection while the financing is still in progress, or only after the bank’s approval? And ideally, you want to negotiate as well, since the asking price is usually higher than the final selling price.
If you are unlucky and do all the inspections, someone else might buy the house first…
What is the best way to proceed in this situation?
Regards,
Henrik
You should already know your financing options or at least have a clear idea of them.
I once requested offers from Interhyp, and they said I should provide them with the information before the first viewing, so they can prepare an initial offer in parallel to see if it fits.
If the owner or agent doesn't approve of the inspector, the deal would be off for me. That sounds like something might be hidden.
We also visited a house with an inspector during a second appointment, and immediately after us, there was another viewing. They ended up taking it right away, so the inspector’s assessment was "free," but I would still do it that way again.
Depending on the area, negotiating might be pointless; you need to know how it works where you are.
If everything fits, you can make a commitment to the seller. Usually, a preliminary contract is drawn up, or sometimes, especially in private sales, just a handshake agreement.
In my area, things move very fast—sometimes houses are bought right after the first viewing. That was too quick for us.
I once requested offers from Interhyp, and they said I should provide them with the information before the first viewing, so they can prepare an initial offer in parallel to see if it fits.
If the owner or agent doesn't approve of the inspector, the deal would be off for me. That sounds like something might be hidden.
We also visited a house with an inspector during a second appointment, and immediately after us, there was another viewing. They ended up taking it right away, so the inspector’s assessment was "free," but I would still do it that way again.
Depending on the area, negotiating might be pointless; you need to know how it works where you are.
If everything fits, you can make a commitment to the seller. Usually, a preliminary contract is drawn up, or sometimes, especially in private sales, just a handshake agreement.
In my area, things move very fast—sometimes houses are bought right after the first viewing. That was too quick for us.
H
Henrik081712328 Jun 2016 09:56Thanks – yes, I wouldn’t take the surveyor along to the first appointment either. It’s just frustrating when everything then takes a long time, including the surveyor, scheduling the appointment, financing, and so on, before you can actually buy.
But I guess you have to learn and get through it, and after an initial concrete bank assessment, you’ll also know where you stand, etc.....
But I guess you have to learn and get through it, and after an initial concrete bank assessment, you’ll also know where you stand, etc.....
Hello Henrik,
It’s not as complicated as it sounds. The best approach is to find a local architect if you have no plans at all. If damage is suspected that requires an expert surveyor or if the architect needs to assess it as well, which takes more time, you generally cannot buy quickly—unless you’re willing to buy a pig in a poke.
If others are faster, that’s just the way it goes.
From the first property viewing to the purchase, we took about 1.5 years, and in the end, it was worth it.
Best regards
Dirk Grafe
It’s not as complicated as it sounds. The best approach is to find a local architect if you have no plans at all. If damage is suspected that requires an expert surveyor or if the architect needs to assess it as well, which takes more time, you generally cannot buy quickly—unless you’re willing to buy a pig in a poke.
If others are faster, that’s just the way it goes.
From the first property viewing to the purchase, we took about 1.5 years, and in the end, it was worth it.
Best regards
Dirk Grafe
Theoretical sequence:
1. First, clarify whether the (house) bank would lend money. With a good “starting position” (two full salaries, permanent contract beyond probation period, good credit rating, etc.), this step can be skipped. However, it doesn’t hurt to clarify the basic financing situation from the bank’s perspective early on.
2. Be clear about how much you want/can afford to spend.
3. Visit houses on your own.
4. If you like a house, express your interest and agree on the next steps with the owner/real estate agent. If necessary, have the house reserved.
5. Subsequently, visit the house a second time with an expert/surveyor; if reserved, this should happen relatively quickly (about one week?, depending on negotiations with the owner).
6. Use the surveyor’s report to negotiate the final price. Consider supply and demand. Only give a binding agreement (if necessary at this stage) conditional on financing approval.
7. Take the surveyor’s report and necessary documents to the bank and get a concrete offer. Consult other banks if needed.
8. Make a decision; if necessary, visit the house a third time to clarify any remaining issues, such as “loose included items” (or affordable ones) like tools, garden equipment, kitchen, etc., then finalize the deal.
1. First, clarify whether the (house) bank would lend money. With a good “starting position” (two full salaries, permanent contract beyond probation period, good credit rating, etc.), this step can be skipped. However, it doesn’t hurt to clarify the basic financing situation from the bank’s perspective early on.
2. Be clear about how much you want/can afford to spend.
3. Visit houses on your own.
4. If you like a house, express your interest and agree on the next steps with the owner/real estate agent. If necessary, have the house reserved.
5. Subsequently, visit the house a second time with an expert/surveyor; if reserved, this should happen relatively quickly (about one week?, depending on negotiations with the owner).
6. Use the surveyor’s report to negotiate the final price. Consider supply and demand. Only give a binding agreement (if necessary at this stage) conditional on financing approval.
7. Take the surveyor’s report and necessary documents to the bank and get a concrete offer. Consult other banks if needed.
8. Make a decision; if necessary, visit the house a third time to clarify any remaining issues, such as “loose included items” (or affordable ones) like tools, garden equipment, kitchen, etc., then finalize the deal.
Henrik0817123 schrieb:
hm what’s the point of a forum like this if you’re not allowed to ask anything here? This really is such a German-forum phenomenon, it never happens with foreigners, where they are usually helped twice as much instead of getting such introductions.What problem do you have? You ask a question, and three users already replied to you!
And which answer do you not agree with that makes you speak badly about this forum? 😡
Basically, if you might have to act quickly, such as with existing properties (or good plots of land), it’s advisable to have already spoken to your bank in advance. The bank wants to get to know the client and, with concrete data—namely the income structure—they can establish the financing framework.
It’s also a good idea to contact an appraiser or surveyor beforehand to ask about their usual scheduling lead time, so you know what to expect.
ypg schrieb:
What issue do you have? You asked a question and got answers from three users!
And which answer don’t you like that you’re speaking badly about this forum? 😡 That’s my fault. I initially wrote something, then changed my mind and deleted it. Sorry.